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Mar 25, 2013
03/13
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>> it's stockton, the city of stockton wins, if they're able to lower the debt obligation for bondholders. stuart: they want to go into bankruptcy. sandra: they want to restructure the debt. stuart: and give them a haircut. sandra: this would be ground breaking for other cities, san beni benito-- san bernardino. stuart: if they take a haircut, why would anybody in their right mind lend money again to a shaky american city. sandra: exactly, that's the ripple effect i'm talking about and thises a-- >> and stockton built a news waterfront, a baseball stadium. i think that detroit is going to be a little more interesting, in the sense it's not a bankruptcy, but, you know, the race issue comes in and large american cities. you've had al sharpton's group go to kevyn orr's office and they don't want to go to the puppet, they want to go to the puppet master. and jesse jackson's group having a protest and they're saying that the bondholders ironically are going to benefit from the shake-up at the expense of people who live in detroit and that's one to watch the fireworks and in both cases a cautio
>> it's stockton, the city of stockton wins, if they're able to lower the debt obligation for bondholders. stuart: they want to go into bankruptcy. sandra: they want to restructure the debt. stuart: and give them a haircut. sandra: this would be ground breaking for other cities, san beni benito-- san bernardino. stuart: if they take a haircut, why would anybody in their right mind lend money again to a shaky american city. sandra: exactly, that's the ripple effect i'm talking about and...
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Mar 26, 2013
03/13
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stockton has done a lot of itself to try to fix it. one thing they're not doing renegotiating trying to cut a deal with calpers which is the pension fund. as it stands now everybody will have to take a haircut and feel a lot of pain exempt for the pension fund and calpers. i'm not sure that is fair. melissa: stockton's city manager says calpers has first dib on the money they have, because, quote, if word got out that we were pursuing a different retirement plan, i run the risk of a mass exodus of my employees. seriously? i mean that is what he is concerned about? all of employers would leave? you say they're trying to cut costs and cut services. maybe employees leaving would be a big help. >> they still have double-digit unemployment. still going down. and still a good job for somebody. i'm not sure i agree with that. i'm not a city manager. i understand his point. the fear they have i suspect is with vallejo in california went through, we'll cut everything except for pensions because we're scared to death of calpers. san bernardino,
stockton has done a lot of itself to try to fix it. one thing they're not doing renegotiating trying to cut a deal with calpers which is the pension fund. as it stands now everybody will have to take a haircut and feel a lot of pain exempt for the pension fund and calpers. i'm not sure that is fair. melissa: stockton's city manager says calpers has first dib on the money they have, because, quote, if word got out that we were pursuing a different retirement plan, i run the risk of a mass exodus...
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Mar 25, 2013
03/13
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FOXNEWSW
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how is that possible, little stockton? if you look at the map in california everybody was moving out in san francisco, properties were too high there, same with palo at torques silicon valley, they moved to stockton. what could happen in detroit unless they start cutting more. if detroit has to file for chapter 9 bankruptcy municipal that would make headlines around the world and kind prus would be booted off the front page. >> that's what they are trying to do and -- >> the mayor and the city council loose all the authority they shr-fplt they've been trying and they can't do that. they can't negotiate contracts because a lot of them are involved in a roundabout way with the contracts originally put forth. he'll come in and say listen you're going to cut the spending right here or we are going bankrupt. he's come out and said i've been through bankruptcy before i'm okay going through it again in detroit. >> reverend jesse jackson calling for massive demonstrations gains him today. we'll see what happens. bill: new developm
how is that possible, little stockton? if you look at the map in california everybody was moving out in san francisco, properties were too high there, same with palo at torques silicon valley, they moved to stockton. what could happen in detroit unless they start cutting more. if detroit has to file for chapter 9 bankruptcy municipal that would make headlines around the world and kind prus would be booted off the front page. >> that's what they are trying to do and -- >> the mayor...
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Mar 26, 2013
03/13
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FBC
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what do you think, this week in stockton, california the bankruptcy thing, if they're not allowed to change their pension plans, i don't know what-- >> i disagree with you, charles. california granted some absurd cases in california, bell, california that sort of thing. look at illinois, new york state. three-fourths of all the firemen who retire here retire with disability. again, god bless nthem, being a firefighter is not easy. but-- they're not for giving the debt obligations, stockton is, and if they do so that will set the stage. >> we've got to say listen, now what, everyone tries to maximize what you can get and you can't blame necessarily the firemen, but someone has to step in and say enough is enough or to your point we're all in trouble. when you turn to a pawn shop to help fund your small business. accord to go a ceo that's what's happening and business is booming. the man who runs pawn go, an on-line pawn company is going to join us at 10:45. and joining the company now though from miami is shah gilani. before we get into your stock picks. you don't think that cyprus co
what do you think, this week in stockton, california the bankruptcy thing, if they're not allowed to change their pension plans, i don't know what-- >> i disagree with you, charles. california granted some absurd cases in california, bell, california that sort of thing. look at illinois, new york state. three-fourths of all the firemen who retire here retire with disability. again, god bless nthem, being a firefighter is not easy. but-- they're not for giving the debt obligations,...
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Mar 25, 2013
03/13
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FOXNEWSW
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brown's tax increases there, which will have a huge impact on the prosperity of california, we've seen stockton now on the verge of bankruptcy, if not there. these problems -- they all will start the very tryingers charlie is talking about, and it could go here. i don't think it will for a while but it will. >> the chinese have to have place to put their money. they'd rather put their money in a u.s. treasury bond. but something is going to change. there's going to be a point where maybe the germans' currency is the place to go. our deficits are so high. >> neil: you're assuming the euro goes away. >> who knows by the way. i it only takes one, when the south seceded from the north -- >> neil: get out of this club. no one gets higher ratings from young viewers or makes us a much buck -- i'm talking how it is that jay leno's boss wants him out. a lesson on corporate snakes that is all too well known. >> you know the hollen general of st. patrick, right? drove all the snakes out of ireland and then they came into the united states and became nbc executives. it's a fascinating story. we went out an
brown's tax increases there, which will have a huge impact on the prosperity of california, we've seen stockton now on the verge of bankruptcy, if not there. these problems -- they all will start the very tryingers charlie is talking about, and it could go here. i don't think it will for a while but it will. >> the chinese have to have place to put their money. they'd rather put their money in a u.s. treasury bond. but something is going to change. there's going to be a point where maybe...
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Mar 22, 2013
03/13
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CNBC
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i checked in with katie stockton of mkt partners and points out that groupon is testing its 200-day moving average. at 572 so traders might think there's a breakout above the 200. stocks also saying even after today's move still not looking overbought. groupon up nearly 5% right here. back to you guys. >> thank you. >> all right. on deck, a mixed bag of food head lives. first, will the switch to lighter, leaner menu items be a healthy pop for fast food stocks, plus, the baco -- a taco made of bacon, folks. we have it here. baco. whatever it's called. it's delicious. >> that's all that matters. later on as well, we'll be sitting down with former nato commander general wesley clark. he's going to go after big oil with a big bet on ethanol. is it really the answer though? ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> olive garden parent darden touching estimates for th
i checked in with katie stockton of mkt partners and points out that groupon is testing its 200-day moving average. at 572 so traders might think there's a breakout above the 200. stocks also saying even after today's move still not looking overbought. groupon up nearly 5% right here. back to you guys. >> thank you. >> all right. on deck, a mixed bag of food head lives. first, will the switch to lighter, leaner menu items be a healthy pop for fast food stocks, plus, the baco -- a...
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Mar 26, 2013
03/13
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county administrators and officials of every type, steve was talking about all the different counties, stockton is in the same vote, they sit there and voted themselves tremendous pensions or whether it is health care allowances for the rest of their lives, and no one was too sort of stop it, but when you set politics aside it is about the math. there is actually at the end of the day no way to pay this over time. >> melissa, the good news about this story, if there is any silver lining there, you're exactly right. the only way you stop this is with taxpayers. you know what? bill, there are several instances where taxpayers have voted on the ballot to put a clamp on these out of control pensions. so there is some movement in the right direction with people saying look, we want money to go for schools, not pensions. bill: is there anything in california that addresses perhaps renegotiating these contracts. >> bankruptcy. that is what keeps happening again and again. >> that's right. >> only way to deal with this and break these contracts is eventually to go into bankruptcy when the county can't
county administrators and officials of every type, steve was talking about all the different counties, stockton is in the same vote, they sit there and voted themselves tremendous pensions or whether it is health care allowances for the rest of their lives, and no one was too sort of stop it, but when you set politics aside it is about the math. there is actually at the end of the day no way to pay this over time. >> melissa, the good news about this story, if there is any silver lining...
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Mar 26, 2013
03/13
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a bankruptcy battle is underway in stockton, california, the most populated u.s. city to file for chapter 9 bankruptcy. lawyers argue that is the only option for the failing city but creditors disagree and are taking him to court. >>brian: charles payne, fox's business network guy, filling in for stuart varney this week. what do you think, charles? >> i think it is the only option. it is hard to argue these guys haven't tried. 25% of the police officers are gone, 40% of city hall is gone. they dug themselves into an amazing hall. what happened was you had a situation where you had typical government spending particularly at a local level which by the way sofpb more outrageous -- is often more outrageous than what we see in washington, d.c. combine that with the steroids of a housing boom. the average house there went from $100,000 to $400,000. from 2000 to 2006, talk about a county and city feeling flush. they made am mazing obligations and amazing promises. they built a hockey arena. they thought they would have a semi prosports league. >>steve: sky was the limit
a bankruptcy battle is underway in stockton, california, the most populated u.s. city to file for chapter 9 bankruptcy. lawyers argue that is the only option for the failing city but creditors disagree and are taking him to court. >>brian: charles payne, fox's business network guy, filling in for stuart varney this week. what do you think, charles? >> i think it is the only option. it is hard to argue these guys haven't tried. 25% of the police officers are gone, 40% of city hall is...